A Comparative Chronology of Money

Monetary History from Ancient Times to the Present Day

1 - 499 AD

Based on the book: A History of Money from
Ancient Times to the Present Day by Glyn Davies, rev. ed. Cardiff: University of
Wales Press, 1996. 716p. ISBN 0 7083 1351 5. (Page numbers in the 3rd edition
published in 2002 may be slightly different).

30 BC - 14 AD

Reign of Augustus Caesar

Augustus reforms the Roman monetary and taxation systems issuing new, almost
pure gold and silver coins, and new brass and copper ones, and also introduces
three new taxes: a general sales tax, a land tax, and a flat-rate poll tax.

p 95

c. 30 AD

Christ drives the money changers out of the Temple in
Jerusalem

Jesus overturns the money changers' tables (Matthew 21.12). To gentiles the
practice of money changers conducting their business in and around temples and
other public buildings would have seemed commonplace. The Greek bankers or
trapezitai derived their name from their tables just as the English word
bank comes from the Italian banca for bench or counter.

p 72

54- 68 AD

Reign of Nero

Nero slightly debases the gold and silver coinages, a practice copied by some
later emperors, starting mild but prolonged inflation.

p 95

250 AD

Silver content of Roman coins is down to 40%

After this level is reached inflation accelerates.

p 96

270 AD

Silver content of Roman coins has fallen to only 4%

p 97

260 - 268 AD

Reign of Gallienus

During his reign there is a temporary breakdown of the Roman banking system
after the banks reject the flakes of copper produced by his mints.

p 97

270 - 275 AD

Reign of Aurelian

Aurelian issues new, nearly pure coins, using gold from his eastern conquests,
but raises their nominal value by 2½ times hoping in this way to stay
ahead of inflation. However this "reform" sends inflation soaring. A rebellion
by mint workers led by Felicissimus costs Aurelian's army some 7,000
casualties.

p 97-98

284 - 305

Reign of Diocletian

Diocletian makes vigorous attempts to get to grips with the problem of
inflation using a variety of methods but these prove only partially effective
at best.

p 100-105

295

Diocletian reforms the coinage

This fails to halt inflation, probably because the older coins remain in use
and, in accordance with Gresham's law, drive the good coins out of circulation.

p 100

301

Diocletian issues the Edict of Prices

The Edict introduces direct controls of prices and also wage rates. This, too,
is defeated by market forces.

p 101-102

305

Diocletian abdicates voluntarily

Although his currency reform and prices and incomes policy failed, his other
reforms of the Roman administration, including the world's first system of
annual budgets, are more successful.

p 102-105

306 - 337

Constantine secures control over the West then the whole
Empire

Constantine issues a new gold coin, the Solidus, which continues to be produced
in the Eastern Roman Empire unchanged in weight or purity for the next 700
years.

p 105

313

Christianity becomes the official faith of the Roman Empire

Constantine adopts Christianity and following his conversion, he confiscates
the enormous treasures amassed over the centuries in the pagan temples
throughout the empire. Consequently, unlike Diocletian, he has easily enough
bullion to replace the earlier debased gold coinage. However he continues to
produce debased silver and copper coins. Thus the poor, unlike the rich, are
left with an inflation-ridden currency.

p 105-107, 641

307

One pound of gold is worth 100,000 Denarii

The value of the denarius is only half that stipulated in Diocletian's edict of
prices 6 years earlier.

p 107

324

One pound of gold is worth 300,000 Denarii

Later, in Egypt by the middle of the 4th century the denarius'value collapses
completely so that a pound of gold is worth 2,120,000,000 denarii: another
early example of runaway inflation.

p 107

410

Rome falls to the Visigoths

Banking is abandoned in western Europe and does not develop again until the
time of the Crusades.

p 107,111

c. 435

Coins cease to be used in Britain as a medium of exchange

As a result of the Anglo-Saxon invasions Britain, uniquely among the former
Roman provinces, ceases to use coins as money for nearly 200 years. When they
are re-introduced from the Continent they are used initially for ornament.